We examine the relations between dollar flows of U.S. listed ETFs with exposure to the U.S., Europe, Asia, and the rest of the world during the COVID-19 crisis, using a Markov Switching Model (MSVAR). We find evidence that investors use ETFs to gain exposure to foreign markets and swiftly adjust...

Extending recent findings from Barber et al. (2022) and Welch (2022), we document that retail investors from the discount broker Robinhood swarm into stocks with pending earnings announcements and stay away from them immediately after the announcements. We study four competing explanations for...